Michael Saylor

speaker

2,284 appearances 6 recordings 5 series first heard Nov 2024 last heard 14 Jun

Michael Saylor’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.

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Bankless · "Fix the Money, Fix the World" — Michael Saylor's Master Plan (plus questions on Quantum and Ethereum) · 13 Apr 2026 podcast

And if you were to borrow the money in a conventional margin loan, you have the money for 20 hours to two or three days.

But so, I mean, Bitcoin could fall 95%.

It doesn't create any, there is no liquidation.

It's not a credit instrument or a debt instrument in that way.

It doesn't come due in five years.

It doesn't come due ever, right?

And so this is the ideal kind of credit instrument for a volatile environment because the way it works for the company is the company is paying a dividend to stabilize it.

But in the event that the credit of the company improves, if there's too much demand, the company can reduce the dividend rate in order to decrease the demand.

And if SOFR falls, if SOFR falls to 50 basis points, the company's obligation is to pay you 50 basis points.

I mean, that's... And what happens if the company can't pay that?

Well, by law, you can't pay a dividend on a preferred stock that would create an insolvency event for the issuer.

Like the board has to approve the dividend.

So you understand like it's literally impossible.

It is literally impossible to create an insolvency or to bankrupt an issuer of a preferred stock.

So people worry, whereas if you basically borrowed a million dollars from an exchange, they wipe you out in one minute, you're gone.

But in this particular case, in 27 years after a parade of 947 horribles, if the company couldn't pay the dividend without being insolvent, it would suspend the dividend for 12 weeks.

You know, it's like, okay, so what is the risk?

It's an equity risk.

It's not a credit risk in the sense of there's no credit instrument that comes due that unwinds the capital structure.

The risk primarily is...

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